Bargain buys boosts Zee Telefilms 7%

Zee Telefilms was back in limelight after some serious hammering in the last few days. The counter witnessed bargain hunting at lower levels with domestic as well as institutional investors buying aggressively.

The stock as a result was among the biggest gainers among the BSE 30 share index gaining 7.38 per cent to close at Rs 133.10 with volumes accounting for 21.69 lakh shares at the BSE alone.

The stock has been at the receiving end over the last ten trading sessions before today’s gain plunging more than 21 per cent from Rs 157.90 on February 16 to a low of Rs 123.95 on Thursday.

Analysts said, the postponement of CAS and general weakness in the market dragged the stock down during the weak.

However, today’s gain was because of aggressive buying by a leading domestic institution at lower levels, sources added.

Also, talks of company looking for private placement at a much higher premium to the current market price is keeping the counter active, said sources.